Schedule II. Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Schedule II. Condensed Financial Information of Registrant

Schedule II. Condensed Financial Information of Registrant

AMERISAFE, INC.

CONDENSED BALANCE SHEETS

	December 31,
	2022		2021
	(in thousands)
Assets:
Investments:
Fixed maturity securities—available-for-sale, at fair value    (amortized cost $19,824 and $19,650 in 2022 and 2021, respectively)	$	19,470	$	19,605
Equity securities, at fair value (cost $10,007 in 2022 and 2021)		13,602		14,092
Short-term investments		10,145		55,559
Investment in subsidiaries		239,664		290,077
Total investments		282,881		379,333
Cash and cash equivalents		31,911		18,825
Deferred income taxes		982		1,148
Notes receivable from subsidiaries		1,855		2,275
Property and equipment, net		2,736		2,003
Federal income tax recoverable		543		857
Other assets		1,752		1,295
Total assets	$	322,660	$	405,736
Liabilities and shareholders’ equity
Liabilities:
Accounts payable and other liabilities		5,228		6,413
Total liabilities		5,228		6,413
Shareholders' equity (net of Treasury stock of $34,758 and $22,370    at December 31, 2022 and 2021, respectively)		317,432		399,323
Total liabilities and shareholders' equity	$	322,660	$	405,736

Schedule II. Condensed Financial Information of Registrant – (Continued)

AMERISAFE, INC.

CONDENSED STATEMENTS OF INCOME

	Year Ended December 31,
	2022			2021			2020
	(in thousands)
Revenues
Net investment income	$	2,395		$	896		$	944
Net unrealized gains (losses) on equity securities		(490	)		2,590			(276	)
Fee and other income		9,533			8,541			9,122
Total revenues		11,438			12,027			9,790
Expenses
Other operating costs		9,533			8,541			9,122
Total expenses		9,533			8,541			9,122
Income before income taxes and equity in earnings of subsidiaries		1,905			3,486			668
Income tax expense (benefit)		714			(1,188	)		259
Gain before equity in earnings of subsidiaries		1,191			4,674			409
Equity in net income of subsidiaries		54,411			61,083			86,193
Net income	$	55,602		$	65,757		$	86,602

Schedule II. Condensed Financial Information of Registrant – (Continued)

AMERISAFE, INC.

CONDENSED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2022			2021			2020
	(in thousands)
Operating activities
Net cash provided by operating activities	$	6,121		$	6,622		$	6,012
Investing activities
Purchases of investments		(31,909	)		(87,289	)		(10,982	)
Proceeds from sales of investments		75,950			28,780			18,970
Purchases of property and equipment		(1,903	)		(1,277	)		(764	)
Dividends from subsidiary		77,700			148,400			88,600
Net cash provided by investing activities		119,838			88,614			95,824
Financing activities
Finance lease purchases		(58	)		(44	)		(50	)
Purchase of treasury stock		(12,388	)		—			—
Dividends to shareholders		(100,427	)		(99,929	)		(88,775	)
Net cash used in financing activities		(112,873	)		(99,973	)		(88,825	)
Change in cash and cash equivalents		13,086			(4,737	)		13,011
Cash and cash equivalents at beginning of year		18,825			23,562			10,551
Cash and cash equivalents at end of year	$	31,911		$	18,825		$	23,562